Rigel Pharmaceuticals’ (RIGL) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Rigel Pharmaceuticals (NASDAQ:RIGL) in a research note published on Friday morning, Benzinga reports. HC Wainwright currently has a $57.00 target price on the biotechnology company’s stock.

RIGL has been the topic of a number of other reports. StockNews.com raised Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 18th. Cantor Fitzgerald reiterated a “neutral” rating and set a $15.00 price target on shares of Rigel Pharmaceuticals in a report on Friday, September 20th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $31.13.

Rigel Pharmaceuticals Stock Down 1.9 %

RIGL stock opened at $14.16 on Friday. The firm has a 50 day moving average of $14.31 and a two-hundred day moving average of $11.54. Rigel Pharmaceuticals has a 12 month low of $7.21 and a 12 month high of $17.30. The company has a market capitalization of $248.62 million, a price-to-earnings ratio of -11.80 and a beta of 0.94.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.31. The business had revenue of $36.84 million during the quarter, compared to the consensus estimate of $32.38 million. During the same quarter in the prior year, the company posted ($0.40) earnings per share. On average, research analysts expect that Rigel Pharmaceuticals will post -0.72 EPS for the current fiscal year.

Institutional Trading of Rigel Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets grew its position in Rigel Pharmaceuticals by 24.2% in the 1st quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company’s stock worth $374,000 after purchasing an additional 49,223 shares during the last quarter. Vanguard Group Inc. lifted its stake in Rigel Pharmaceuticals by 4.6% during the first quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock worth $13,864,000 after purchasing an additional 414,207 shares during the period. Acadian Asset Management LLC boosted its holdings in Rigel Pharmaceuticals by 18.2% during the first quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company’s stock valued at $8,086,000 after purchasing an additional 843,419 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Rigel Pharmaceuticals during the 1st quarter worth approximately $2,012,000. Finally, CM Management LLC lifted its holdings in shares of Rigel Pharmaceuticals by 17.6% during the first quarter. CM Management LLC now owns 2,000,000 shares of the biotechnology company’s stock valued at $2,960,000 after acquiring an additional 300,000 shares during the period. Institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company’s commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.